Smart companies are creating social networks to open up the dialog between their brand and the users of the brand. Most brands use these as a promotional channel but there's another very important use of a brand's social network, research.
The typical way to gain the voice of the consumer has been through focus groups and/or quantitative based surveys. These are still useful tools but they have limitations.
The advantage of creating a social networking environment around your brand is that it's less formal than a typical focus group. Users get to ask questions and speak their mind openly. You might not always like what they have to say but that provides an opportunity to set things right. It's important that a client representative jumps into the discussions. If the statement is addressed correctly it provides a great opportunity to promote the brand as honest and open minded.
When creating a social network for your brand it's important to decide where to put it. There are places like Facebook, MySpace, etc. that have millions of users already. You can also create and market your own social network. It really depends on who your target is and whether the platform has the functionality you're looking for.
It's important to ask questions and allow your social community to answer. It's important to answer your community's questions; you should ask them what they think of new potential products, what they think of current products, customer service, etc. Too many companies seem like a bottomless hole. They don't communicate openly and seem to answer back with a typical corporate response. The way you communicate in today's world will have a major impact on your brand. But not as much as not communicating at all.